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at washington play chicken with the fiscal cliff and they're saying, hold on, we have this economy that seems to be gathering some steam but washington, government, congress in particular is the single greatest impediment. it's a rational decision. >> get the act together. john avlon, thank you, my friend. don, it's a lot of intangibles here, don. this is the thing we have to think about. it's not just the tangibles of how much your taxes might go up or how much this might go down. it's the intangible of confidence. it's trust. you lose somebody's trust, how long does it take to get it back. it doesn't just come back tomorrow because you vote on something. >> i can't believe mitch mcconnell was there all day yesterday. >> it's crazy. >> he's working on a saturday. i never work on a saturday. wait a minute, i work every saturday. >> you get your job done. you don't get to tell your bosses, i'm going to do this another time. i'll get down to it in 516 days. >> but one day, one day i will be able to do that, at least i'd like to think that. >>> moving on, at the edge of the fiscal cliff, will th
market despite all the worries about the fiscal cliff and maybe slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. smart money has been in the market. the rest of us have been worried about the fiscal cliff. >> number 8, facebook's ipo, hundreds of millions of people like facebook, but investors did not. on its first day as a public company. trading glitches at the nasdaq and questions about the company's ability to make money on mobile users pummelled the stock which has yet to climb its way back to its ipo price. >> number 7, mother meyer. the new ceo of yahoo who announced she was going to take a two-week maternity leave. it looks like a mother's touch is just exactly what yahoo needed. >> number 6, mother nature. a drought in the midwest that scorched the corn and soy crop sending prices sky high. who can forget superstorm sandy. damages as high as $50 billion raising lots of questions about u.s. infrastructure and whether we should be spending money to fix it. >> number 5, china. is china slowing or leading the world? we do know
our economy back into the recession if we go over the fiscal cliff. >> but ali, neither side is budging much. you have been reporting on it for the last couple of hours. friday though, president obama said that he was optimistic that the two sides could reach a deal. this morning, he sounded less positive though. >> if, you know, if people start seeing that on january 1st, this problem still has not been solved, that we haven't seen the kind of deficit reduction that we could have had, had the republicans been willing to take the deal they gave them, and if they say that people's taxes have gone up which means consumer spending will go down. >> and keep in mind that the senate is the first hurdle. any deal has to pass the house. we are not into the senate yet and the republican speaker john boehner plablamed the crisis one president saying he the one who has never found a way to say yes. >> so you are in new york and i'm in atlanta, and we get to washington now, because the senior congressional correspondent dana bash is closely following the negotiations from capitol hill, a
of those worries about the fiscal cliff and maybe slower growth in trust economy, the stock market has had a great year. too bad you missed out. the smart money has been in the market. the rest of us have been worried about the fiscal cliff. >> number eight, facebook's ipo, hundreds of millions of people like facebook, but investors did not on its first day as a public company. trading glitches at the nasdaq and questions about the company's ability to make money on mobile users, pummeled the stock, which is on its way back to the ipo price. >>> number seven, mother myer. the new ceo of yahoo! who announced she was just going to take a two-week maternity leave. >> number six, mother nature, an intense drought in the midwest that scorched the corn and soy crop sending prices sky high. >> the ocean is just beyond. >> and who can forget superstorm sandy? millions of neighbors, their houses swept away without power, damages, and raising questions about infrastructure and whether we should be spending some money to fix it. >>> number five, china, is china slowing or leading the world? we do kno
, the u.s. economy is on the verge of taking off. but the fiscal cliff mess could get in the way. how much could eexpect in 2013 with a deal or without a deal. well, i guess i can double check... my watch! [ male announcer ] it pays to double check, with state farm. so, the 5.3-liter v8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer-power? [ laughs ] [ pencil scratches ] [ male announcer ] chevy's giving more. now through january 2nd, no monthly payments until spring for qualified buyers. get the silverado for 0% apr financing for 60 months plus $1,000 holiday bonus cash. plus trade up for an additional $1,000 trade-in allowance. >>> welcome back to "your money," we welcome our viewers here in the united states and around the world. breaking news on the fiscal cliff. there's been a significant snag in the negotiations with just fewer than two days remaining to go. about 36 hours remaining on the countdown clock. dana bash is on capitol hill with latest. dana, what have you got? >> this kbifs you a good sense of where things stand. they're at a standstill. you
." thanks for that. coming up next, the u.s. economy is on the verge of taking off but this fiscal cliff mess could get in the way. how much? what can we expect in 2013 with or without a deal? aww man. [ male announcer ] returns are easy with free pickup from the u.s. postal service. we'll even drop off boxes if you need them. visit usps.com pay, print, and have it picked up for free. any time of year. ♪ nice sweater. thank you. ♪ [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. it's lots of things. all waking up. ♪ becoming part of the global phenomenon we call the internet of everything. ♪ trees will talk to networks will talk to scientists about climate change. cars will talk to road sensors will talk to stoplights about traffic efficiency. the ambulance will talk to patient records will talk to doctors about saving lives. it's going to be amazing. and exciting. and maybe
. the big worries about the fiscal cliff and how that's going to affect the economy as a whole. you look at oil prices and they have barely moved since late october. oil prices are between $85 to $90 a barrel since late october. and when oil prices stabilize for a longer time, as they have been, it gives gas prices a better chance to stabilize as well. but you look at it broadly, though, the gas prices are not falling for the the right reason. we could go back into a recession and it's those concerns for a downturn in the economy that are actually pushing prices lower. >> all right. alison kosik, live from the new york stock exchange. thank you as always. >>> the head of the national rifle association says to call him crazy for proposing more guns in schools. the nra's ceo wayne lapierre insists a ban on assault weapons won't prevent mass killings, which he blames on violent video games and the media. he says armed guns eed guards are the best way to prevent tragedies. >> if it's crazy to call for putting police and armed security in our school to protect our children, then call me craz
of their facilities. >> thank you, barbara starr at the pentagon. >>> "outfront" next, worries about the fiscal cliff wreaking havoc on our economy. stocks down for the fifth straight day. what lawmakers must do to stop the bleeding. >>> we count down our top political rivalries. find out how many of your favorite politicians made this list. ve, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. ...but he'd wait for her forever, for any reason, and would always be there with the biggest welcome home. for a love this strong, dawn only feeds him iams. compared to other leading brands, it has 50% more animal protein. ...to help keep rocky's body as strong as a love that never fades... if he ever lets her leave again. iams. keep love strong. i have a cold, and i
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. that is being discussed as part of a fiscal cliff deal but money believe that will hurt the economy and giving a disincentive to invest money. is that just focused on the real wealthy? >> i hear that argument a lot. number one, i'm really tired of our tax policy decisions and everything being made by what the market is going to do in the next quarter. look, this is an aberration and the tax code and grossly unfair. you look at say they raise tax rates, the top tax rate to 39.6% for those making more than $500,000, that's going to mean a lot of small businesses are going to pay that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20 or even 24 depending on where they put it. not an issue of penalizing investment income but penalizing labor and those who make their income through wages and they should both be taxed at the same rate. i do, again, fundam and at least raising the capital gains rate would help address this anomaly and susan collins and clara mccasical give legitimate -- you have billionaire equity managers paying 39%. i think this is a source
of fiscal-cliff type episodes. another debt ceiling debate coming up early part of next year, as well. >> yes, we do. >> i hope we can get leadership. >> okay, thanks, dylan glenn, thanks so much. >>> so what could the fiscal cliff mean for wall street and your retirement fund? i'm going to ask independent new york stock exchange trader in about one hour from now. >>> all right. let's switch gears here. because after newtown, gun buybacks are making headlines across the country. >>> and we're going to tell you how donors funded the biggest buyback ever in one connecticut town. i know. i'm will, and this is the nokia lumia 920 from at&t. it's got live tiles so all my stuff's always right there in real-time. it's like the ultimate personal assistant. but i'm me, and me needs handlers. so i hired todd to handle it for me. todd, gimme that hollywood news! what's happening on twitter? you're trending! yes! you can't have a todd, but you can have your own personal assistant. i guess you could call it todd. [ male announcer ] the new nokia lumia 920 with live tiles that deliver what you want
conversations we'll have a bipartisan solution, because nobody wants to go over this fiscal cliff. it will damage our economy. it will hurt every taxpayer, the largest tax increase in history. it will affect everybody, and anyone who is watching who thinks, oh this isn't going to impact me, you will fin out d o will, and we know the problem is a lot of spending. not that we're not taxing people more, we're just spending too much. we hope that the president understands that as for as republicans are concerned, we're willing to negotiate and have a civil conversation, but also he's got to bring in some spending cuts and tax reform, because americans want tax reform and we don't want to hurt the economy, and, look there, are not enough millionaires in the united states to tax them all to be able to spend our way out of this problem. so let's -- let's give up a little bit -- each side can concede a little. and i think we can fin middle ground. i'm optimistic. >> we had your colleague nan hayworth last hour. she was expecting work to be done in the senate. the house did its best, boehn
the uncertainty the fiscal cliff has wrought in the economy. here's an interesting comment from senator tim johnson, your colleague, a democrat. sometimes all the market takes is to make them see the light. that is via politico. if you don't get a deal and the markets are closed tomorrow, and you open to a couple of really big down days, is that all it takes to strike a deal? >> i hope not. hopefully congress has learned what failure to strike a deal can mean to the american economy. >> is that thought still fresh? >> it's fresh in our mind. i remember the deal we had to pass on t.a.r.p. to help our financial markets. i don't want to revisit that again. >> we've heard all kinds of stuff this morning. as you noi, senator, you probably hear this from your constituents, they're so disinterested in the process, they're so disinterested in the sausage being made. what they want to know if that there are like minded, good, smart people in that congress we're looking at right now who all have phones and blackberrys and actually work in the same building. is there enough good will to ensure that a
, that if the u.s. were to really go over the u.s. fiscal cliff that the economy would go back into recession, unemployment would go from 7% to over 9%. that thousands of people would lose their jobs? >> no, wolf. i don't think there would be a permanent situation where we went over the fiscal cliff and nothing was done. my point is that if we went over the fiscal cliff and tax rates went up and spending cuts were substantial, that republicans would be under a huge pressure, even greater pressure than they are now to agree to a democratic initiative to cut middle class taxes and also restore the spending cuts that really do need to be restored. especially for the middle class and the poor. under the present circumstances, we to some extent have the worst of both worlds. the president loses the bargaining advantage of having that fiscal cliff and also having the public behind him. and has given in to republican demands of moving that threshold from $250,000 over $450,000. >> we've got to leave it there. grover norquist and robert reich, thanks to both of you. i know you'll be joining us later
.s. stock market. despite all those worries about the fiscal cliff and maybe slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. smart money's been on the market. the rest of us have been worried about the fiscal cliff. >> number eight, facebook's ipo. hundreds of millions of people like facebook, but investors did not on its first day as a public company. trading glitches at the nasdaq and questions about the company's ability to make money on mobile users pummeled the stock, which has yet to climb its way back to its ipo price. >> number seven, mother meyer. the new ceo of yahoo! who announced she was just going to take a two-week maternity leave as she tried to turn this company around. 37 years old, it looks like a mother's touch is what yahoo! needed. >> mother nature. an intense drought in the midwest that scorched the corn and soy crop, sending prices sky high. >> who can forget super storm sandy? neighborhoods along the northeast swept away, millions without power and damages as high as 50 billion dollars raising lots of question
the fiscal cliff. think of it as, well this way, our economy is in a car headed toward that cliff and there's a lot of stake, including massive spending cuts and social programs and defense, expiration you the bush era tax cut, increases in other taxes on families like the alternative minimum tax and the expiration of the payroll tax holiday, there's this to think of, for 2 million unemployed worker, the loss of unemployment benefits. we have asked experts to join us for a fiscal cliff roundtable discussion, if you will. ron brownstein is a senior -- cnn senior political analyst and editorial director of the national journal and stephen moore, senior economics writer at the "wall street journal" and is in washington, d.c. first up, ron, will, do you think, these politicians reach a deal or not and why or why not? >> the fiscal cliff was yeelted as a doomsday machine to try to give them more will power to do what they can't do on their own, to reach a deal. the reason all of this was here, incentive to reach a deal, some of your guests pointed out during the day, a lot can go wrong when you
million of them as of friday, that could hurt the economy. that's what this whole fiscal cliff debate is all about, right? it's about taking money out of the economy. it's about slowing job growth. it's about the potential for a recession in the beginning part of this year, and 9.1% unemployment by the end of the year because of all the money taken out. so what they're doing here is critical stuff. you heard about how this whole process taking a hatchet in the efforts of budget control, when you should use a scalp peel but congress has shown any willingness. >> christine, thank you very much. we'll get your perspective on the other side of the president's address. it's about 15 minutes away or so. he will speak at the white house addressing the american people essentially about the updates on the talks with republicans. it has been the vice president, vice president biden, and the republican senate minority leader mitch mcconnell who have been in negotiations and discussions. we'll see just how far they have gotten and whether or not there is something real that has been put on the ta
. state department says it is willing to talk more about keeping the children safe. >>> fiscal cliff isn't the only threat to the u.s. economy. get a load of this. the container cliff. nearly 15,000 dockworkers from maryland to texas are threatening to strike, starting sunday, which could shut down more than a dozen key shipping ports and cripple commerce across the country. dock on workers are demanding higher container royalties to boost their pay. >>> did the newtown school shooter have an evil gene? scientists at the university of connecticut will study adam lanza's dna to see if a mutation or ab normality could have made him more violent? this is the first study of its kind on a mass killer. >>> jockeying started for john kerry's senate seat, even before it's vacant. massachusetts congressman ed markey throwing his hat into the ring in kerry becomes secretary of state, which is expected, a special election will be held early this summer. markey is the first prominent candidate to declare for the race. >>> love this story. paying it forward by paying it backward. a story of rampant g
is the fiscal cliff impasse. it's a potentially devastating one-two bunch for the u.s. economy. neither the longshore's union or alliance shipping company would allow anyone to speak on camera. but officials knowledgeable of the negotiations say it boils down to one issue. the key sticking point is the payments that the longshore men get for them. they pay royalties for the containers based on their weight but the shipping companies want to freeze those royalty payments for current longshore men and eliminate them for future hires. the longshore men say the royalties are made to make up for automation. but if the shipping companies lockout the longshore men -- >> that would impact more than containers. that would impact all cargos at ports. that would have a much more impactful reaction. $55 billion worth of cargo in an average month this year. candy? >> brian, i have to imagine retail companies and others who want those goods off the ships and in their stores have to be plenty worried. do they have a plan b to move those goods if there's a strike? >> reporter: yes. some of them do. clo
get a plan to deal with taxes, to avoid the fiscal cliff, that's a win for the economy and the american people. >> john, it is joe johns in washington, d.c. we have heard so much about tax increases and how they're going to handle those and not so much about the spending cuts and my question to you is at the end of the day, are we going to end up essentially with some type of a plan that could add to the federal deficit instead of reduce it? >> you noticed that, huh? sequester hasn't really been the topic of much conversation. look, that is still unclear right now. obviously, again, the point of all of this, the reason that over 500 days ago we set the fiscal cliff with regard to the spending cuts and knew the bush tax cuts were expiring ten years ago on this date, that was an impetus to create bargain to deal with deficit and debt. what seems to be coming together now is largely, as you said, a planned focused on taxes. not just the tough tax rates, but the estate tax, the amt, something semi comprehensive. as the president said in his press conference a short while ag
. not just the fiscal cliff with the potential threat to the economy, thousands of dockworkers from maine to texas could go on strike within days if their union can't reach a deal with major shipping companies. these are the workers who move goods from the nation's ports to the stores. >> everybody from your mom and pop retailer to your farmer, to the trucking company who has go in and pick up the containers at the ports. this will be felt not just at the local economy, but nationwide for everybody else who relies on these ports. >> one port official says east and gulf coast ports handle about $55 billion worth of cargo a month so a strike could have a major effect on the retail business. >>> land lines not going the way of the vcr just yet. older americans are slow to get rid of land lines and go mobile. the centers for disease control asked 20,000 households about trends throughout the year. the study found about 52% use cell phones for all of their cal calls, that's less than 2% increase from previous years. the older generation is slower to make the switch. >>> patrick democracy might
the fiscal cliff, the fiasco as well as the debt ceiling debacle. richard, how is this playing out? we understand richard is not here. we're going to talk to richard a little later about this. >>> eurovision, a singing competition, a lot like "american idol." it's popular, trendy, everybody's watching it. it launched the careers of abba and celine dion. now the radio show which is paid for by the countries that participate in it, it's now in trouble. the economy is to blame. here's our reporter. ♪ >> reporter: cheesy music. kitsch costumes. ♪ and national stereotypes. ♪ for 58 years, the eurovision song contest has united europeans in a celebration of music and at times laughter. ♪ but as countries struggle to meet budget targets, frills are starting to take a back seat. portugal, poland, slovakia and boz that herzegovina say they're pulling out of the competition because they can't afford to win. the czech republic and greece are also reported to want out. >> it costs to perform, and it costs to stage it. and what do you get back? bluntly a bunch of hoopla and a few pom-poms.
if a budget deal is reached in washington. if if the u.s. economy falls off the fiscal cliff, it will have an impact around the world. haus sirken is a partner and fellow of the overseas markets and joins us from chicago. thanks for being with us on this weekend. the idea -- >> great being with you, martin. >> thank you. the idea of the world being affected by the fiscal cliff problem here in america wasn't really lost on the president after his meeting with congressional immediate leaders yesterday. let's listen. >> i'm modestly optimistic that an agreement can be achieved. nobody is going to get 100% what have they want. but let's make sure that middle class families and the american economy and, in fact, the world economy, aren't adversely impacted because people can't do their jobs. >> so that begs the question, hall. how are other countries preparing for this really precarious situation and one in which they really have no control. >> well, martin, there's not much they can do to prepare. what will happen, if the fiscal cliff turns out to take place, is that we'll start to see the eco
. you're in "the situation room." the u.s. is now just six days away from the so-called fiscal cliff. and a mad scramble is on here in washington to avoid the drastic tax hikes and spending cuts that many fear will plunge the economy back into recession. president obama flies back from hawaii tonight to be ready if the senate comes back with a plan when it returns to work tomorrow. and house leaders are huddling with members on stand-by to return. senior congressional correspondent dana bash is following all of it for us. what are you hearing? >> there was a conference call of course members of the house leadership even, they're back in their districts, but there was a conference call today among those house republican leaders trying to figure out if and when the house should come back into session. two republican sources tell me they did not make a decision on this call. it's still up in the air. and a big reason for that is if anything can get done in the next six days, the ball is in the senate's court. the capitol is a ghost town. neither chamber in session. an eerie calm since t
? the fiscal cliff, still looming. spending cuts and tax hikes that could shove our economy into recession. and a deadline lawmakers ignored until the very last possible minute. live pictures now of the capitol. looks beautiful. man, but there's a lot of wrangling going on there. lawmakers are back up -- had their backs up against the wall right now. and as they try to find a plan that can pass congress. let's hope they do. cnn's chief white house correspondent is jessica yellin. she is following the negotiations, working very hard on this saturday. so jess, democrats and republicans are supposedly working on a plan, even as we speak. what do we know about it? >> reporter: well, we know, don, that it's the senate leaders that are hashing this out. and what they're looking to negotiate is a deal that would extend current low tax rates for middle income americans. we don't know the exact threshold levels. so would it be people who make $400,000 and less, would it be $250,000 and less. but something that would extend low rates and then increase them above. extend probably unemployment benefit
. >> coming at the same time as the fiscal cliff impasse it's a potentially devastating one-two punch for the u.s. economy. neither the longshoreman's union nor the northern alliance would give us anyone to speak on camera but officials with knowledge of the negotiations say it boils down to one issue -- the key sticking point is over those large containers and the payments that longshoremen get for them. the shipping companies pay royalties to the longshoremen for the containers based on their weight but the shipping companies want to freeze the royalty payments for current longshoremen and eliminate them completely for future hires. the longshoremen say the royalties are designed to make up for jobs lost to automation. strike would only affect ports that handle containers, not other cargo like automobiles, but if the shipping companies lock out the longshoreman -- >> that would impact more than containers. that would impact all cargos at ports, so that would have obviously a much more impactful reaction. >> reporter: how impactful? scher says east coast and gulf coast ports handled
of a fiscal cliff deal, but many believe that will end up hurting the economy, giving a disincentive to invest money? was that just focused on the real wealthy? >> i hear that argument a lot. number one is, i'm really tired of our tax policy decisions. you know, everything, being made by what the market's going to do in the next quarter. this is about aberration of the tax code and grossly unfair. say they raise top tax rate to 39.6% for those making more than $500,000. that means a lot of small businesses will are paying that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20, even 24, depending where they put it. it's not an issue of penalizing investment income. it's an issue of penalizing labor, and those who make their income through wages. both are legitimate and both should be taxed at the same rate. so i do -- again, fundamental tax reform could solve this problem, but at least raising the capital gains rate would help address this anomaly and susan collins and claire mccaskill have a proposal to try to give small business owners, legitimate smal
if the country goes over the fiscal cliff. it is a cliff that lawmakers built, they have set the tuesday deadline and knew it was coming for more than a year, but until now, even now they have done precious little to agree on taxes and spending cuts by that time. keeping them honest, the people in this building have known what is coming on tuesday, yet they're only returning to get to this building to get back to work just now. senators came back yesterday. house members? well, they wouldn't be back until sunday. this afternoon, house and senate leaders met with president obama at the white house. they talked for about an hour. afterwards president obama said he was modestly optimistic. by passing house speaker john boehner who has had trouble getting his fellow republicans to agree to anything, the president called on senate majority and minority leaders harry reid and mitch mcconnell, to lay out a deal. >> if we don't see an agreement between the two leaders and the senate, i expect a bill to go on the floor. and i have asked senator reid to do this. put a bill on the floor that makes sure that
edge closer to the fiscal cliff and investors brace for the potential fallout. oh, let me guess --ou see this? more washington gridlock. no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> okay, guys. time to forget about all the fiscal cliff negotiations for just a moment. why? because the entire world is it throwing a giant party to ring in the new year. alina choi is doing her best to keep warm in times square as preparations for tonight kick into high gear. >> reporter: good morning. great to see you. from all the talk about the crystal ball, the confetti and new year's resolutions, here's what you need to know if you come to times square tonight. dress warmly it is frigidly cold, and
to say mostly about the fiscal cliff but other issues as well. he talked about his priorities for his second administration. he talked about writing the economy again -- righting the economy again. immigration reform. and energy. in his top four he did not mention gun control until prompted by david gregory. take a listen. >> you know, i've been very clear that, you know, assault rifle ban, banning these high-capacity clips, background checks, that there are a set of issues i have historically supported and will continue to support. >> back with "time" magazine's michael crowley, hill's a.b. stoddard, karen tumulty, and cnn's chief white house -- cnn's chief -- white house correspondent jessica yellen. so, it was not a yes, we're going to get this gun thing done, whatever the gun thing is, whether it is school safety, combination of that and mental health, some kind of gun control. it was not uppermost on the president's mind. what do you make of that? >> he's not running into the breach and as a president you have to prioritize. >> about anything. >> really about any of those. he did
motive. >> terrible story. a week before the fiscal cliff, tax hikes for all americans and spending cuts that could pull the economy back into recession. ho, ho, ho. that makes everybody happy on christmas morning. president obama spent christmas eve playing a round of golf with friends and the democratic senate looks like the only hope for crushing the deadlock. our white house correspondent brianna keilar maybe with a little bit of news which is pathetic because it's talks within the democratic party, but at least they are talking. >> reporter: that's right. is it really news that democrats are talking? that's all the news we have to report as of today. i know i feel a little bit like a grinch reporting this, but the white house is in talks with senate democrats. that's not really surprising as we look to the senate to be the next -- really the next ones to act on this when they reconvene on the 27th. right now it's really up to senate majority leader harry reid to try to cobble something together that can get some republican support in the senate and the house to avoid the fiscal clif
americans filing i reports like missy, of fayetteville, arkansas. >> this fiscal cliff mess shows how incredibly out of touch you are with the way people really live in this country. you are off in lala land, and eve everyone is saying how you're asking like spoiled brats who are more interested in being right than doing the right thing and representing the people who elected you. >> mary snow, cnn, new york. >> more interesting, being right than doing the right thing for your country. cnn's coverage of the fiscal cliff continues right after this.
. this could have a very, very bad impact on the economy as a whole. it is called the fiscal cliff. for that reason. a plan to stop it all from happening still eludes washington. so congress has broken camp for the holidays, the president has gone to hawaii on vacation. white house correspondent brianna keilar tells us no one is really talking, anyone, to get this solved. at least not here at christmas. >> reporter: senate democrats are not in conversations right now with senate republicans or with house republicans. and this is problematic obviously because in order to avoid the fiscal cliff, you would need to find some sort of deal that would make it through the senate and the house and that would mean democratic and republican support. right now, all eyes on the senate because they will reconvene on the 27th that is thursday. and senate majority leader harry reid, it is up to him really to cobble together something that can get some of that support. right now the white house is still supporting a threshold of $250,000 back to their initial starting point for tax rates going up f
the fiscal cliff. our political panel is going to weigh in on the chances for a deal. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> the pressure is on as harry reid and mitch mcconnell race against the clock to find a fix to the fiscal cliff. joining me are cnn contributor and democratic strategist maria cardona and republican strategist ron bonjin. good morning to you. >> good morning. >> good morning. >> ron, i'll start with you. reid and mcconnell, they really are the focus in the senate. in the house, it's speaker john boehner. i've got to ask you, is his job on the line if republicans balk at any deal that's reached? >> no, not at all. speaker boehner is extremely strong. his conferences support him and knows that he's been in a tough position trying to negotiate the fiscal deal with the president. he's be
strike some kind of fiscal cliff deal. but a former assistant secretary of defense says he can help with a way to cut almost $100 billion from the defense budget. he will be here to explain. hey, look! a shooting star! make a wish! i wish we could lie here forever. i wish this test drive was over, so we could head back to the dealership. [ male announcer ] it's practically yours. test drive! but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a jetta. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today. >>> this whole fiscal cliff mess shows how incredibly out of touch your the way people really live in this country. you are off in la la land and everyone is saying how you're acting like a bunch of spoiled brats who are more interested in being right than in doing the right thing and actually representing the people who elected you. >> my new year's message to washington is this, there are not enough wealthy people or corpor
? >>> fears of the fiscal cliff are taking some of the holiday cheer right out of wall street. cnn's alison kosik watching the post-christmas trading as well as a threat to the economy that could come even sooner than the cliff? let's start with the stocks, though. >> reporter: yes, stocks, very quiet today, very quiet session. not many investors in the game today. expect that to be the case the rest of the week. the fun tny thing, this is usuay the time we see the santa claus rally. the dow down 46 points. no deal on the if i'm not mistaken. that's spoiling the rally so far. it could be worse, though. we've seen much harsher reaction to all the congressional shenanigans in the past that could be a sign the economy is in better shape this time around. the s&p 500 is still on track for a 13% gain for the year. >>alison, what's the container cliff? >> reporter: the container cliff could be serious stuff. it could be a major threat to the economy. but it's also something that can be avoided. this container cliff is the name the national retail federation has given to this situation if workers
mobile app. >>> from the cnn money newsroom in new york, i'm ali velshi. this is your money. the fiscal cliff is a battle of ideological wills. some americans feel strongly that increasing taxes hurts the economy. quite possible that it will. but the central question is whether it will hurt all that much to raise income taxes a little bit on the highest earners in the country. well, to push the country to the edge of a recession over this is irresponsible. the increase will hardly affect the economy. but that's my opinion. and my opinion should count as much as anyone else's. the problem is that in washington one person's opinion carries disproportionate weight and that person is grover norquist. he's the head of americans for tax reform. they have got the pledge that mostly republican members of congress signed to say they won't increase taxes. now, understand this. the top marginal tax rate going from 35% to 39.6% is not a tax increase. it is a return to tax rates that would have taken place after the temporary bush tax cuts expired and got extended. so the way i see it, that cuts wit
in honolulu with friends. with the house hopelessly deadlocked any chance of averting the fiscal cliff will start in the senate and there's a bit of news on that front. our white house correspondent brianna keilar joins us live from honolulu, hawaii. so a slight bit of news. do tell. >> reporter: i hesitate to even say it's a slight bit of news because it's sort of exactly what we would expect, to be honest. the white house is talking about senate democrats about what senate majority leader harry reid will have to cobble together when the senate reconvenes on the 27th and that's really the last-ditch effort. it's seen as the senate trying to do something that can also pass the house, so this is exactly what you would expect. the real problem though is as of this morning, just a week out from when the fiscal cliff is expected to hit. there's no discussions between congressional democrats and congressional republicans even on the staff level. this is what democratic and republican sources are telling me, and overall just to remind people, instead of this being -- here's what we expect. i
to the white house today to work on the ever looming fiscal cliff. can he cut a deal with republicans. >>> and david gregory may be in trouble of the law because of that ammo thing he has on his anchor desk. [ male announcer ] the more you lose, the more you lose, because for every two pounds you lose through diet and exercise, alli can help you lose one more by blocking some of the fat you eat. let's fight fat with alli. ♪ ♪ you make me happy when skies are gray ♪ [ female announcer ] you know exactly what it takes to make them feel better. ♪ you make me happy [ female announcer ] that's why you choose children's tylenol. the same brand your mom trusted for you when you were young. ♪ how much i love you [ humming ] [ female announcer ] children's tylenol, the #1 brand of pain and fever relief recommended by pediatricians and used by moms decade after decade. [ humming ] by the armful? by the barrelful? the carful? how about...by the bowlful? campbell's soups give you nutrition, energy, and can help you keep a healthy weight. campbell's. it's amazing what soup can do. >>> th
in recession regardless of the fiscal cliff. >> to be fair, i'm told there are a number of republicans, especially in the house, who want to go over the cliff for the reason i explained, that they'd much rather vote for a tax cut than a tax increase because they don't want to break your pledge. grover, thank you very much. appreciate it. >> no one should break their pledge. >> merry christmas. thank you, grover. >> merry christmas to you. >> ahead on "starting point," who would do this right before christmas? real grinches break into one family's home, turning over their tree, stealing their electronics. what are they going to do about it? we'll talk to them live next. i . because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at ci
in your life. >> number one is the fiscal cliff. lawmakers saw it coming and didn't bother to pay any attention to it until after the election. had they put politics aside and dealt with it earlier, who knows how strong the u.s. economy would be right now. >> and make sure you join me for the biggest stories of the year in crime, politic, money and the most scandalous stories. the top ten of 2012, 8:00 eastern. a teen battling a terminal illness uses lyrics instead of letters to say goodbyes. >> it's kind of me always being there for him. like if they keep singing that song throughout their life, it will be worth it. >> this teen's final wish, next. s that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. with less chronic osteoarthritis pain. imagine living your life with less chronic low back pain. imagine you, with less pain. cymbalta can help. cymbalta is fda-approved to manage chronic musculoskeletal pain. one non-narcotic pill a day, every day, can help reduce this pain. t
on the fiscal cliff. that's spoiling the rally so far. it could be worse. we have seen much bigger negative reaction to all these congressional shenanigans in the past. could be a sign the economy is in better shape this time around. you just look at the s&p 500, victor, still on track for a 13% gain for the year. that's as we look at all the red on the screen. victor? >> a lot of red there is. red and green. wish we had more green. alison kosik, thank you. >>> if you weren't able to watch your favorite christmas classic on netflix, we know why. the video streaming service is blaming a massive outage at one of amazon's web service centers. they say it happened on christmas eve. now, netflix has millions of subscribers in the u.s., canada, latin america, most folks have service up and running again by christmas day, though. if they missed it going into christmas, they can watch it in the evening. one netflix official says they're looking at how to prevent something like this from happening again. >>> russia is trying to put the brakes on americans adopting russian children. and today that ba
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